While the Fed in the past would have reacted to signs of a slowdown by easing, the central bank is realizing that there’s a “tail risk” tied to having interest rates near zero, Jones said in a television interview on "Bloomberg " with David Westin and Stephanie Ruhle.

“Now I think for the first time since Volcker probably you see the Fed managing for the balance sheet, to take out the tail risk associated with expanding debt virtually globally, and not to mention our federal debt,” Jones said. That “points to a choppier market.”

Marc Lasry, the billionaire co-founder of Avenue Capital Group, said on the same program that the Fed needs to raise rates sooner rather than later. The U.S. economy is "doing great" compared with the rest of the world and doesn’t need more stimulus from the central bank, he said.

"Having more stimulus isn’t what we need," Lasry said. "You need to get back to a little more normality."

Lasry said the U.S. is the best place to invest in equities, while he sees distressed opportunities in Europe and Asia. After oil prices have plunged, the hedge fund manager said, energy has become a phenomenal opportunity and he has bought a "bunch" of energy names.

Bill Gross, who runs the $1.4 billion Janus Global Unconstrained Bond Fund, said zero-percent interest rates are hurting savers and the Fed needs to raise them to restore a more balanced economy.

"I think you need higher interest rates," Gross said in an interview today on Bloomberg Radio. "Capitalism will not thrive at zero percent."

Gross used to run the world’s biggest mutual fund at Pacific Investment Management Co., which he left a year ago.